September 15, 2017 - MDT Pro Tips A.M.

While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.

CURRENT POSITIONS:

GOGO Long at $19.93
Total Premium Collected $1.95

ASNA Long at $14.20
Total Premium Collected $0.75

DUST Long $4.50
Total Premium Collected $0.70

DYN Long at $12.55
Premium Collected $0.48

APA Long Oct $47.50 Call at $3.45

SNAP Long at $15.20
Short Sept 15th - $15.50 call at $0.28

DIN Long December $40 call at $2.40
DIN Short December $45 call at $1.15

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Today there is one open position that expires today. That is the short $15.50 call on SNAP. SNAP closed yesterday just under $15, so the calls are out of the money. Hold the position through the close.

The S & P 500 continues to hang around the 2,500 objective.

The market closed at 2,495.62, down 2.75 on the day. Again the range for the day contracted. The intra day range was only 7.08 points. This is now the third consecutive days of range contraction. This tells us we should see an expansion, the question is when.

For the second day in a row, the high for the day was around 2,498.

The do want to point out that the SPY actually hot a high of 250.32 yesterday. This would suggest that the cash index should take out the 2,500 objective.

I mentioned the short term 60 minute for the S & P 500 and how it was close to crossing into an uptrend. And that when it does cross into an uptrend it suggests more room on the upside.

Yesterday the 60 minute chart did in fact cross into an uptrend.

This now means that all short term timeframes are bullish. And buying against support is still the best strategy.

Pre open, the market should open slightly lower.

Continue to follow the resistance levels for

Here are the Key Levels for the Markets:

$VIX:

Major level: 15.63
Minor level: 14.85
Minor level: 13.28
Major level: 12.50
Minor level: 11.72
Minor level: 10.16
Major level: 9.38 <
Minor level: 8.60
Minor level: 7.03
Major level: 6.25

The VIX closed at 10.44, down .06 for the day. I am still biased for a move down to 9.38.

10.94 is a minor resistance level. Yesterday's high was 11.04 or 10 cents above the resistance level.

Minor support is at 10.16. And minor resistance is at 10.55.

$SPX:

Minor level: 2,509.78
Major level: 2,500.00
Minor level: 2,492.20
Minor level: 2,476.00 <
Major level: 2,468.80
Minor level: 2,460.98
Minor level: 2,445.33
Major level: 2,437.50

Minor support is at 2493.20 and 2,492.20. Look for some resistance at the 2,496.10 level.

Objective is still up to 2,500.

QQQ:

Major level: 150.00
Minor level: 148.44
Minor level: 145.31 ***
Major level: 143.75 <
Minor level: 142.18
Minor level: 139.06
Major level: 137.50
Minor level: 135.94
Minor level: 132.81

The objective should still be up to 150.

Minor support is at 145.51 and 145.31. Look for minor resistance at 146.09.

IWM:

Minor level: 144.53
Major level: 143.75
Minor level: 142.97
Minor level: 141.41
Major level: 140.63
Minor level: 139.85
Minor level: 138.28 ***
Major level: 137.50 <
Minor level: 136.72
Minor level: 135.15
Major level: 134.37

The IWM closed at 141.83. The objective should be to 143.75.

Minor support is now at 141.41 and 141.02.

TLT:

Major level: 131.25
Major level: 130.47
Minor level: 128.91
Major level: 128.13
Minor level: 127.35
Minor level: 125.78 <
Major level: 125.00

The TLT closed at 126.81. The objective should be to 125.

126.17 is minor support. 127.15 should be resistance.

GLD:

Major level: 131.25
Minor level: 130.47
Minor level: 128.91
Major level: 128.13
Minor level: 127.35
Minor level: 125.78 **
Major level: 125.00 <
Minor level: 124.22 **
Minor level: 122.66
Major level: 121.88
Minor level: 120.32

The GLD closed at 126.16. The objective should be to 125.

If the GLD breaks under 125, 123.44 should be support. If the GLD can move above 125.56, I would expect it to head higher.

XLE:

Minor level: 67.97
Minor level: 66.41 **
Major level: 65.63 <
Minor level: 64.85
Minor level: 63.28
Major level: 62.50
Minor level: 61.72
Minor level: 60.16
Major level: 59.38

The XLE closed at 66.56. A close today above 66.41 implies a move up to 68.76.

Support should now be at 65.63 and 66.02. 67.96 is resistance.

FXY:

Major level: 89.06
Minor level: 88.67
Minor level: 87.89
Major level: 87.50 <
Minor level: 87.11 **
Minor level: 86.33
Major level: 85.94
Minor level: 85.55
Minor level: 84.77
Major level: 84.38

The FXY closed at 86.95. The objective should be to 85.94.

87.11 should now be resistance. 86.52 is minor support.

AAPL:

Major levels for Apple are 165.63, 162.50, 159.38, 156.25, 153.13, and 150.

Apple closed at 158.28. If Apple breaks under 157.81, I would expect it to head lower.

Minor support should be at 157.81 and 156.25.

WATCH LIST:

Bullish Stocks: BIIB, BIDU, ILMN, WAT, ALGN, AET, ADBE, SAFM, ADSK, CHKP, PLCE, EL, HSY, DPS, CERN, SPLK, BAX, LVS

Bearish Stocks: TAP, ALK, PZZA, THS, DFS, QCOM, AMBA, SAVE, CNK

Be sure to check earnings release dates